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US Marshals Service Announces Auction of 660 BTC
The United States Marshals Service (USMS) has announced an auction of 660 BTC that is scheduled to take place on Nov. 4. Under the auction rules, interested participants must formally identify themselves to the USMS and submit deposits of $200,000.
USMS to Auction Forfeited BTC in Seven ‘Blocks’
The auction is scheduled to take place across two “series” and seven “blocks.” The “Series A” portion is set to comprise six individual auctions of 100 BTC each, while the “Series B” round will involve a single auction for the remaining 60 BTC. The bitcoins were confiscated from undisclosed parties in various federal criminal, civil and administrative cases, with many of them forfeited to the Drug Enforcement Administration and the Federal Bureau of Investigation.
Bidder registration will open at 8:00 a.m. EDT on Oct. 22 and is scheduled to close at noon EDT on Oct. 31. Bidders will not be permitted to view competing bids and will not be able to change the value of their bids after submission.
Deposits to Be Returned to Ineligible Bidders
The USMS is scheduled to notify all prospective bidders of their eligibility to participate in the auction process by no later than 5:00 p.m. EDT on Nov. 1. Applicants who are deemed to be ineligible to participate in the auction will have their deposits returned to them. The deposits of participants whose bids are not selected as winning bids will also be returned.
In addition, the USMS states that “bids that are contingent on financing terms of any kind will not be considered.” In addition, it requires that “all bids must be made in U.S. dollars.”
Winning Bidders Expected to
Pay BTC Transfer Fees
The USMS will retain the deposits of the winning bidders and credit them toward their purchases. Winning bidders who fail to finalize their transactions will forfeit their deposits, as long as the USMS is not at fault.
The USMS also notes that “any transfer fees associated with the transfer of the bitcoins will be paid by the buyer.” However, buyers will be given the chance to choose the fees that are charged in the transfers.
The USMS will start to return deposits to auction participants as soon as the bitcoin transactions are finalized. It adds that it aims to process all returns within five business days. However, it acknowledges that return times could take slightly longer depending on how many people participate in the seven auction blocks.
What is your response to the United States Marshals Service’s upcoming BTC auction? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, Wikipedia
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